Farmington Bank

Headquarters

One Farm Glen Boulevard
Farmington, CT 06032
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 1.05% →
1-Year CD N.A. 0.95% →
2-Year CD N.A. 1.05% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Farmington Bank is an FDIC insured institution located in Farmington, CT. It was founded in 1851 and has approximately $3.24 billion in assets. Customers can open an account at one of its 29 branches.

FDIC Insured Yes
FDIC Certificate # 18208
Date Established 1851
Assets $ 3.28 billion
Loans $ 2.95 billion
Deposits $ 2.43 billion
Capital $ 263.21 million
 

For a more detailed analysis of Farmington Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 23, 2020

Your Current Location: Connecticut, CT 06828


Loan Rates - September 23, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Farmington Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
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AimLoan.com
NMLS ID: 2890
License#: 13256
2.815% 2.750% 0.88 $2,128 $1,021 Learn More
Rocket Mortgage
NMLS ID: 3030
4.114% 3.990% 1.00 $3,750 $1,193 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.990 %
$0 Learn More
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People's United Bank, N.A.
People's United Bank, N.A.
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4.000 %
$0 Learn More
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Note to Farmington Bank
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Branches

Farmington Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Farmington Bank Locations


Financial Details

Farmington Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Farmington Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Farmington Bank U.S. Bank Average
4.52% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Farmington Bank had $12,752,000 in non-current loans and $181,000 in owned real estate. To cover these potential losses it had $263,207,000 in equity and $23,130,000 in loans loss reserves. That gives it a Texas Ratio of 4.52%.

Return on Equity
Farmington Bank U.S. Bank Average
10.8% 7.80%

Farmington Bank has a Return on Equity of 10.8% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Farmington Bank U.S. Bank Average
8.03% 12.68%

Farmington Bank has a Capitalization of 8.03% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Farmington Bank Balance Sheet Analysis

As of September 30, 2018, Farmington Bank had assets of $3,240,889,000, loans of $2,948,148,000, and deposits of $2,433,102,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 47.92 million
Interest-bearing balances $ 16.66 million
Total securities $ 102.42 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 2.95 billion
Loan loss allowance $ 23.13 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.18 million
Goodwill and other intangibles $ 5.56 million
All other assets $ 120.46 million
     Total Assets $ 2.98 billion
LIABILITIES
Total deposits $ 2.43 billion
      Interest-bearing deposits $ 1,951.50 million
      Deposits held in domestic offices $ 2.43 billion
      % insured (estimated) 61.52%
Federal funds purchased and repurchase agreements $ 25.49 million
Trading liabilities N.A.
Other borrowed funds $ 470.46 million
Subordinated debt N.A.
All other liabilities $ 48.63 million
      Total Liabilities $ 2.98 billion
      Shareholders’ Equity $ 298.43 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 85.21 million
Total Interest Expense $ 19.51 million
Net interest income $ 65.70 million
Provision for loan and lease losses $ 1.24 million
Total non interest income $ 9.41 million
Total non interest expense $ 48.68 million
Pre-tax Net Operating Income $ 25.20 million

Bank Loan Profile?

The top three loan types in Farmington Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks in Connecticut, Farmington Bank has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 46.04
Multifamily
Mortgages
9.58
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 3.71
Construction and Development Loans 2.94
Commercial Real Estate 27.47
Commercial and Industrial Loans 14.67
Farm Loans 0.00

Frequently Asked Questions About Farmington Bank

Branches and Savings

Is Farmington Bank FDIC insured?

Yes. It is covered under FDIC Certificate #18208.

Why does Farmington Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Farmington Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Farmington Bank a commercial bank?

Yes

Where are Farmington Bank locations?

See branch locations nearby.

Is Farmington Bank open on Saturdays?

Is Farmington Bank open on Sundays?

What time does Farmington Bank open?

What time does Farmington Bank close?

Are Farmington Bank ATMs Open 24/7?

Do Farmington Bank ATMs accept cash deposits?

Can Farmington Bank customers use other ATMs?

Do Farmington Bank branches have notaries?

Will Farmington Bank notarize my document?

What address for Farmington Bank should I put for incoming ACH transfers?

Will the Farmington Bank branch print checks?

Do Farmington Bank checks expire?

Does Farmington Bank require US citizenship to open account?

Can Farmington Bank close my account?

Does Farmington Bank Report to credit bureaus?

Does Farmington Bank Use Equifax?

What is Farmington Bank's ACH Routing Number?

What is Farmington Bank's SWIFT code?

Products

Does Farmington Bank offer mortgages?

Compare mortgage rates here.

Does Farmington Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Farmington Bank offer personal loans?

Compare personal loan rates here.

Does Farmington Bank offer student loans?

Will Farmington Bank cash a check?

Will Farmington Bank redeem a savings bond?

Does Farmington Bank cash savings bonds?

Will Farmington Bank cash money orders?

Can Farmington Bank issue a money order?

Does Farmington Bank do currency exchange?

Background on The Bank

Who owns Farmington Bank?

How long has Farmington Bank been around?

Can Farmington Bank transfer to other banks?

Does Farmington Bank have quick pay?

Does Farmington Bank accept rolled coins?

Will Farmington Bank accept loose change?

Where is Farmington Bank headquarters?

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